Samvel Karapetyan detained following search
Prominent Armenian businessman Samvel Karapetyan, founder of the Tashir Group and leader of the opposition Strong Armenia party, has been detained.
A criminal investigation has been launched against Karapetyan and 35 others. They are suspected of:
- Causing particularly large-scale financial damage to Electric Networks of Armenia (ENA).
- Embezzling entrusted property.
- Money laundering on a particularly large scale.
The total damage allegedly caused to Electric Networks of Armenia exceeds 64.585 billion drams (more than $180m).
Armenia’s Investigative Committee said the alleged offences were committed between 2016 and 2024 by a group of individuals led by “S.K.”. Investigators are examining four alleged criminal episodes in the private sector.
The committee said the alleged crimes had been uncovered following extensive investigative work and on the basis of information obtained from the National Security Service, the Interior Ministry and the State Revenue Committee.
Billionaire Samvel Karapetyan was already under house arrest in connection with a separate criminal case. In June 2025, he was charged with publicly calling for the seizure of power and the overthrow of the constitutional order. Several months later, another criminal investigation was launched, and Karapetyan faced additional economic crime charges, including money laundering.
In July 2026, criminal proceedings were also initiated against his nephew, Narek Karapetyan. He is accused of coercing people into attending gatherings and money laundering on a particularly large scale. The court imposed bail of 1 billion drams ($281,000) and a ban on leaving the country.
Searches began early in the morning
Armenia’s Investigative Committee began conducting searches early in the morning at the homes of Strong Armenia party leader Samvel Karapetyan and his nephew Narek Karapetyan, who heads the parliamentary faction of the same name.
“Searches are also being carried out at other addresses linked to the Karapetyan family,” party spokeswoman Aghavni Sukiasyan said.
The Investigative Committee later confirmed the information, specifying that simultaneous searches were being conducted at 65 locations. It emerged that the searches were being carried out by the Main Department for the Investigation of Economic Crimes as part of a criminal investigation.
Investigative Committee reveals details of alleged crimes
Several hours after the searches, Armenia’s Investigative Committee released details of the case under investigation:
“Members of a criminal group operating under the leadership of S.K. – including certain members of the Board of Directors of Electric Networks of Armenia CJSC, the company’s general director, his deputy and other senior officials – abused their powers in managing the company’s day-to-day operations with the aim of embezzling company assets on a particularly large scale.”
Investigators found that the individuals concerned had deliberately taken out bank loans exceeding the company’s actual operational needs. The funds were then transferred under the guise of dividend payments to the offshore company Liormand Holdings Limited and Tashir Capital CJSC. Both companies are shareholders in Electric Networks of Armenia (ENA) and belong to the Karapetyan family.
“With the aim of laundering funds obtained through the aforementioned criminal activities, executives of more than ten interconnected organisations, under the leadership and direction of S.K., created the appearance of large-scale financial transactions within the framework of civil-law and corporate relations. They concealed the criminal origin of the embezzled funds, converted them and mixed them with their other income. In doing so, they disguised the true nature and origin of the illegally obtained assets and funds, making them appear legitimate and thereby laundering money and obtaining criminal proceeds,” the Investigative Committee said.
As a result, Electric Networks of Armenia allegedly suffered financial losses on a particularly large scale.
The supervising prosecutor decided to initiate criminal proceedings against 36 individuals, and an investigator ordered their detention. The criminal investigation is ongoing.
Opposition alleges “political pressure”
Strong Armenia parliamentary faction leader Narek Karapetyan linked the morning’s developments to his party’s position on the new Constitution. According to him, Prime Minister Nikol Pashinyan is trying to pressure the party into a “deal”. He claimed that the prime minister would offer to release Samvel Karapetyan in exchange for the party’s agreement to hold a referendum on the new Constitution.
“They are trying to persuade us to allow the Constitution to be put to a referendum and adopted. Look at what is happening. Whatever they are told in Baku, they come back and start trying to convince us [to agree to it]. We are the obstacle preventing them from pushing through a Constitution that suits Aliyev,” he stressed.
Nikol Pashinyan has said that the draft of Armenia’s new Constitution is ready and that its text will be published in November. For a referendum to be held, two-thirds of parliament’s members must vote in favour of the initiative. However, the ruling party does not have enough seats and expects opposition lawmakers to support the proposal. The prime minister has repeatedly stated that constitutional reform is necessary for Armenia itself.
ёThe opposition, however, believes that the government’s initiative is driven by a demand from Azerbaijan. Baku has called for amendments to Armenia’s Constitution as a precondition for signing a peace agreement, arguing that it contains territorial claims. The Constitution itself contains no provisions that could directly give rise to such concerns. However, it refers to the Declaration of Independence, which mentions the unification of Armenia and Nagorno-Karabakh. It is already known that this reference will be removed from the new Constitution.
Narek Karapetyan said the Strong Armenia party would not change its position even if hundreds of people were arrested.
He argued that the developments had nothing to do with economic crimes and accused the authorities of attempting to exert political pressure on the opposition.
After law enforcement officers detained his uncle, Narek Karapetyan used stronger language:
“He thinks he can achieve something with his birdbrain. Nothing you have planned has worked, and nothing ever will. You are simply afraid of our enemy,” Karapetyan said, addressing Pashinyan.
